Magazine

"The capital stock is shrinking," (Business Outlook, June 16, 2003)

July 20, 2003

The chart "The capital stock is shrinking," which accompanied "Why the second half isn't looking half bad," (Business Outlook, June 16), was incorrect. The depreciation data from the Federal Reserve measured depreciation plus totals for capital consumption adjustments. As a result, the data overstated the amount of depreciation of the capital stock at nonfinancial corporations. The exact numbers would show that the growth in the capital stock is slowing, but the stock is not shrinking. "A big bet on banking" (Up Front, July 7) stated that Robert Johnson purchased the Charlotte Hornets, now named the Bobcats. It should have said that Johnson bought an NBA expansion franchise in Charlotte and named the team the Bobcats. The Hornets moved to New Orleans.